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Sahara moves SC to stall Aamby Valley auction

Sahara moves SC to stall Aamby Valley auction

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  10 Aug 2017 12:00 AM GMT

New Delhi, Aug 9: The Sahara Group on Wednesday approached the Supreme Court asking it to put on hold the auction of Aamby Valley.

Senior advocate Kapil Sibal, appearing for Sahara Group, mentioned the matter before a bench headed by Justice Dipak Misra, and sought to push back the publication of the sale notice and also for more time to review Sahara’s payment plan. On July 25, the apex court had asked Sahara chief Subrata Roy to deposit Rs 1,500 crore - a part payment of Rs 24,000 crore that two group companies had raised from the investors.

Directing the sum be deposited by September 7, the court had permitted Roy to place before them a reasoble plan for the payment of balance amount over a period of 18 months - as he had himself sought. As it cleared all the terms and conditions submitted by Bombay High Court’s official liquidator for floating a global tender to invite bids for the auction of Aamby Valley, the court had said that if Sahara pays Rs 1,500 crore by September 7 and submits a plan, it would stall the process of auctioning Aamby Valley.

However, it was subject to payment of this sum, the court had said. The amount also include balances of Rs 305 crore that Roy has yet to pay from his last instalment that he was to submit by June 15. On April 16, the court had asked the Bombay High Court’s official liquidator to evaluate and auction the Aamby Valley property of the Sahara Group. (IANS)

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